Crypto market seems to be having a rough patch as the BTC’s price fall below $12000 has affected leading altcoins’ price trend negatively and significantly, especially XRP.
Since the last couple of days, both the coins are witnessing extremely bearish price trend as XRP has traded well below $0.35 and ETH has also dropped below $300. Ripple had even tested the support level near $0.31 and is currently trying to come out of the narrow price range of $0.33. Looking at the chart, it appears that ETH is facing a strong resistance near $278.
|Ripple (XRP)||Ethereum (ETH)|
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XRP/ETH Price Chart
XRP and ETH have initially gone through price plunges near $0.3201 and $266.33 respectively. From here, both the coins rebounded and XRP had its 24-hour high price at $0.3514 and ETH touched $278.96 price mark. Instead of surging to $280, Ethereum took a downward correction even below $271 in the highlighted part.
XRP also resonated with ETH’s price move and it reached to $0.3390. After this, both the coins has traced a bearish trend line. The overall price trend of Ethereum has traced an impulse pattern.
If XRP manages to surge above $0.34, it may see resistance at $0.3548 and $0.3655, though a further drop can take it to the support levels at $0.3283 and $0.3125. Also, ETH may see major resistance at $280.76, and its support levels can be at $263.52 and $259.04.